What's Happening?
Owning, a Chicago-based home equity line of credit (HELOC) lender, is gaining attention for its fast funding times and fully digital application process. Founded in 2018, Owning offers a fixed-rate HELOC term and can close deals in as little as five days,
significantly faster than the industry average. However, the lender requires a minimum draw of $25,000 and mandates that borrowers draw the full line-of-credit amount on the first draw. Despite these requirements, Owning's online-only model and competitive terms have made it a viable option for borrowers seeking quick access to home equity funds.
Why It's Important?
Owning's approach reflects a growing trend in the financial services industry towards digitalization and efficiency. As consumers increasingly demand faster and more convenient financial solutions, lenders like Owning that offer streamlined, online processes are well-positioned to capture market share. This shift also underscores the importance of technological innovation in the financial sector, as traditional lenders may need to adapt to remain competitive. For consumers, the availability of quick and easy access to home equity funds can facilitate home improvements, debt consolidation, or other financial goals.
